April 29th, 2010
07:11 PM ET

Dow has triple-digit rally

A look at highlights from the day's business news:

Stocks jump

Stocks jumped Thursday, with the blue-chip Dow index ending more than 120 points higher, as investors reacted to a rise in Exxon Mobil earnings and brushed off concerns about European debt problems.

The Dow Jones industrial average gained 122 points, or 1.1 percent, to end at 11,167.32. The S&P 500 index added 15 points, or 1.3 percent, to settle at 1,206.77. The Nasdaq composite rose 40 points, or 1.6 percent, to end at 2,511.92.

Gains were broad based, with 27 of the 30 Dow components ending higher. Financial shares led the advance, and the tech sector got a boost after Hewlett-Packard said late Wednesday it will buy struggling smart phone maker Palm for $1.2 billion, although HP's stock ended 0.8 percent lower.

Dollar weakens as Greece fears ease

The dollar weakened Thursday as investors regained some appetite for risk amid easing concerns about Greece and strong corporate results.

The dollar was down 0.2 percent versus the euro to $1.32425 and fell 0.75 percent against the U.K. pound to $1.53223. Against the Japanese yen, the dollar gained 0.06 percent to trade at ¥94.09.

The euro plunged to a 12-month low Wednesday after Standard & Poor's downgraded the sovereign debt ratings of Spain, which came after the ratings agency downgraded both Greece and Portugal earlier in the week.

The move raised speculation that the fiscal crisis in Greece was

Treasurys inch up after 7-year auction

Treasury bonds inched up Thursday, after investors showed a healthy appetite for U.S. bonds in the government's last of several auctions totaling $129 billion this week.

What prices are doing: The benchmark 10-year note rose 8/32 to 99-3/32, driving the yield down to 3.74 percent. Bond prices and yields move in opposite directions.

The 30-year bond rose 14/32 to 100-13/32 with a 4.6 percent yield. The 2-year note inched up to 100 with a 1.01 percent yield. The 5-year note rose 1/32 to 100-1/32 with a yield of 2.5 percent.

What's moving the market: After a flat morning, bond prices rose when the Treasury Department announced the results of its latest auction Thursday. The government's $32 billion issue of 7-year notes drew healthy demand, with investors submitting bids totaling $90.3 billion. Earlier auctions in the week also brought in decent demand.

Oil prices soar after jobless claims

Oil prices rose for the second straight day Thursday, after upbeat jobs data and the dollar weakened against the euro, boosting the attractiveness of crude.

What prices are doing: Crude oil for June delivery rose $1.95, or 2.3 percent, to settle at $85.17 a barrel.

Prices plummeted earlier in the week after Greek, Portuguese and Spanish sovereign debt were downgraded. Crude is up marginally in the past week, but up over 60 percent from this time last year.  

What's moving the market: Prices climbed Thursday as optimism, fed by the Federal Reserve's rate decision and a dip in jobless claims, returned to the market. The dollar also weakened, boosting crude's appeal.

CNNMoney.com reporters Chavon Sutton, Annalyn Censky, Ben Rooney and Julianne Pepitone contributed to this report.

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